Houston-area home sales off to strong start in new year

Published 5:08 pm, Wednesday, February 29, 2012

new data from the Houston Association of Realtors showed the median price rose 7.8 percent to $161,750, the highest level ever achieved citywide during March.

new data from the Houston Association of Realtors showed the median price rose 7.8 percent to $161,750, the highest level ever achieved citywide during March.

Photo: Andy Dean

Houston-area home sales off to strong start in new year

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The Houston area housing market picked up in the new year where it had left off with January becoming the eight month in row that total sales increased in comparisons with the previous year.

The number of single-family homes sold for the month rose by 9.2 percent, while active listing declined and pending sales were up, according to Houston Association of Realtors data.

"It gives us cause for optimism as we look ahead to the typically active spring and summer buying months," said HAR Chairman Wayne A. Stroman.

Prices remained flat, however, with the average of $194,765 representing a 0.3 percent drop, while the median of $139,900 was a 0.9 percent increase over last year at this time. Total sales stood at 3,049.

Available properties, or active listings, at the end of the month stood at 42,067, down 15.1 percent compared to last year.

The number of foreclosure properties, according to HAR data, rose 22 percent when compared to last January, making up 27.8 percent of all property sales. The median price of foreclosures in January was a flat $82,550.

Sale of townhouses and condominiums fell 6.2 percent in comparison with January 2011 with 271 units sold, while the average price slid 3.1 percent to $137,626. The median price for units dropped 9.6 percent to $96,050 in comparisons.

Meanwhile, lease properties continued to rise, up 15.3 percent compared to last year, while townhouse and condominium rentals were also up significantly at 15.6 percent.

January total sales of 3,632 for all property types in the Houston area were up 4.8 compared to January 2011. The dollar volume for the month rose 5.9 percent ($683 million vs. $645 million).

The inventory of single-family homes hit its lowest level since December 2009. It would currently take 5.7 months to sell a house in the Houston market vs. 7.2 months a year ago, HAR data showed.